CU's Mongolian master franchisee listing on the MSE
The master franchisee for CU convenience stores in Mongolia is going public.
Central Express will be listed on the Mongolian Stock Exchange (MSE) on Monday, according to BFG Retail, which owns CU.
A total of 140 CU stores operate in Mongolia. CU said Central Express leads convenience store market in Mongolia, with a 74 percent market share.
Central Express plans to operate 300 stores by 2022 utilizing funds from the IPO.
In the offering, a total of 40.1 billion tugrik ($14.1 million) was collected from around a 10,000 people, according to BGF Retail.
BGF Retail owns around 10 percent of Central Express.
BY JIN MIN-JI [firstname.lastname@example.org]